HSBC said it would buy back up to $2 billion in stock after its third-quarter net profit jumped
Analysts had expected the banking giant to report profit of $2.22 billion for the quarter. Revenue was mostly flat at $12 billion.
HSBC said it reduced its provisions for bad loans by $659 million during the third quarter. A year ago, it had recorded $785 million in expected credit losses when concern about the economic impact of the coronavirus pandemic forced banks world-wide to prepare for massive loan losses. Many of those losses haven’t materialized. As the global economy recovers, lenders have been releasing past provisions and setting aside less for current loans, which boosts their profits.
“While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us,” HSBC Chief Executive Noel Quinn said in a statement. That, along with the group’s “strong capital position,” enabled HSBC to announce a share buyback of up to $2 billion that will commence soon, he added.
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